FCMB Group Plc demonstrated robust financial performance in the 2024 financial year, culminating in total assets of N7.1 trillion. This growth trajectory spanned both its banking and non-banking subsidiaries, reflecting a diversified and successful business strategy. Deposits surged to N4.3 trillion, providing a solid foundation for lending activities, which expanded by a substantial 28% to reach N2.4 trillion. The bank’s commitment to digital transformation also yielded significant results, with digital revenues reaching N101.9 billion, accounting for 13% of gross earnings. This underscores the increasing adoption of digital banking services by customers and the bank’s ability to capitalize on this trend. The non-banking arms of FCMB Group also contributed meaningfully, generating over 30% of the Group’s total profits, showcasing the strength and diversification of its business model. The Investment Management subsidiary witnessed impressive growth, with Assets Under Management climbing by 35% year-on-year to N1.4 trillion, reflecting investor confidence and effective investment strategies. Capital Markets also delivered a stellar performance, registering a 57% surge in gross earnings and a 62% increase in profit before tax.
FCMB Group’s commitment to supporting key sectors of the Nigerian economy was also evident in its lending portfolio. The Group extended over N425 billion to SMEs, recognizing their crucial role in driving economic growth and job creation. Furthermore, FCMB channeled N271 billion towards the agricultural sector, a vital component of Nigeria’s economy, and N30 billion to women-owned businesses, reflecting the bank’s dedication to promoting financial inclusion and empowering women entrepreneurs. During the 12th Annual General Meeting, shareholders approved the financial statements, endorsed a final dividend of N0.55 per share, and ratified key resolutions pertaining to board elections, auditor remuneration, and management compensation disclosure, ensuring transparency and good corporate governance. The meeting also addressed the Group’s ongoing recapitalization efforts, including a planned N22.5 billion convertible note offering expected in the first half of 2025, subject to regulatory approval. Additional measures such as equity offers and divestment of minority stakes in subsidiaries are also underway to meet regulatory capital requirements by March 2026.
The first quarter of 2025 saw FCMB Group maintain its strong growth momentum, with gross earnings soaring by 41% to N252.7 billion compared to N179.1 billion in the same period of 2024. This impressive performance was propelled by substantial growth in both interest and non-interest income. Interest and discount income reached N214.4 billion, a significant increase from N125.4 billion in the first quarter of 2024, driven by robust lending and investment activities. Net interest income also witnessed a substantial 58% rise to N87.5 billion, benefiting from higher interest income on loans and advances, coupled with improved cost management practices. The growth trajectory extended beyond interest income, with fee and commission income jumping by 57% to N18.8 billion and trading income climbing to N14.3 billion.
FCMB Group’s profitability remained strong in the first quarter of 2025, with profit reaching N32.2 billion, a 12% increase compared to the same period in 2024. This growth in profitability was primarily attributed to the significant increase in revenue generated from both interest income and trading activities. While operating expenses increased to N75.5 billion, up from N52.9 billion in the first quarter of 2024, the substantial rise in revenue ensured sustained profitability. The Group’s balance sheet also reflected positive trends. Total assets grew to N7.4 trillion as of March 31, 2025, driven by an increase in loans and advances. Equity attributable to owners increased to N730.1 billion, boosted by retained earnings and a strengthened capital base. Total liabilities also rose to N6.67 trillion, mainly due to higher customer deposits.
FCMB’s impressive financial results in 2024 and the first quarter of 2025 highlight its successful business strategy, robust financial performance, and commitment to supporting key sectors of the Nigerian economy. The growth across its banking and non-banking subsidiaries, coupled with its focus on digital transformation and strategic recapitalization efforts, positions the Group for continued success in the future. This consistent growth and profitability, along with its focus on key sectors of the Nigerian economy such as SMEs and agriculture, signal FCMB’s commitment to both financial performance and broader economic development. Furthermore, its active pursuit of recapitalization strategies demonstrates a proactive approach to meeting regulatory requirements and strengthening its financial position.
As reported by The PUNCH, FCMB recorded a pre-tax profit of N111.9 billion for the financial year ending December 31, 2024. This further emphasizes the Group’s strong financial performance and its ability to generate substantial profits. The bank’s commitment to supporting key sectors, its focus on digital innovation, and its proactive approach to recapitalization position it well for continued growth and success in the Nigerian financial landscape. The consistent performance across various financial metrics underscores the effectiveness of its strategic initiatives and its ability to navigate the dynamic economic environment.
